Summary

Pennington Shopping Village, a 57,607 square foot shopping center, is centrally located in Trenton, New Jersey.  At the time of acquisition, the center was 86% leased.  The anchor tenant, Supremo Food Markets, Inc., occupies 45% of the space under a long term lease.  Supremo is a privately owned company based in Plainfield, New Jersey.  Supremo currently operates twelve locations in urban centers throughout New Jersey and Pennsylvania.  The property also has a half acre out-parcel site, which sits adjacent to the shopping center. 

The upside potential is rooted primarily in the fact that the Property is located in a major re-development zone with no major competition in the immediate trade area coupled with the lease-up of vacant space and land.  The New Jersey Re-Development Authority has been implementing necessary infrastructure improvements in the West Ward area and more specifically, Pennington Avenue, by demolishing obsolete buildings and installing new infrastructure.  Over the past several years, Trenton has undertaken a major neighborhood revitalization program, which consists of new construction projects and substantial rehabilitation of more than 300 homeownership units in the Canal Banks re-development area.  The population within a three-mile radius of the property is 158,000.